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Solimar Research

DOF Rules Against Football in Santa Clara

Bill Fulton on
Nov 1, 2012

Everybody in Northern California is proud of the World Champion Giants., but apparently the 49ers are a different story. The Department of Finance beancounters in Sacramento have nixed a negotiated agreement between the City of Santa Clara and other taxing agencies that would have allowed the city to keep $30 million in tax-increment funds to help finance the 49ers new $1.2 billion stadium.

Voters approved a deal in 2010 that included $40 million in tax-increment funding for the stadium. In June, Santa Clara's Oversight Committee nixed the deal, but in August a compromise was reached. Stadium backers and school supporters have continued to engage in a publicity war ever since. According to the San Jose Mercury News, the city will ask DOF to reverse its ruling, and if that fails the 49ers will reactivate a lawsuit to try to get the funds back.

Of course, the 49ers say the stadium will begin construction anyway, since the RDA funds are such a minor portion of the financing program. Which makes you wonder why everybody's fighting so hard over the money.

You can read the Mercury News story here.












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